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Construction : Deals | October 2014 | Source : Construction Update

Japans Sumitomo acquires auto lease business of Carzonrent

Japanese conglomerate Sumitomo Group (SMAS) has acquired car lease business of Carzonrent India Pvt Ltd, the car rental firm. It did not disclose the value of the transaction. The acquisition was made by its Joint Venture Company SMAS Auto Leasing Indiain India. Currently engaged in the auto leasing, rental car, and taxi businesses in India. Reports peg the deal size to be around Rs 2,000 million. Sumitomo has the muscle to grow the lease business here. The deal marks an exit for Carzonrent from the lease business as it seeks to focus on the chauffer-drive and self-drive business housed under the ‘Easy Cabs’ and ‘Myles’ brand.
 
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